10 % surcharge on individuals with Rs.1 crore income
New Delhi- Finance Minister P. Chidambaram Thursday proposed to levy a surcharge of 10 percent on individuals whose annual taxable incomes exceed Rs.1 crore. The surcharge will be levied for the 2013-14 financial year. Chidambaram said there are only 42,800 individuals in the country who will be liable to pay the surcharge.
Chidambaram also increased the surcharge on domestic companies whose annual income crosses Rs.10 crore from five percent to 10 percent. IANS